Good hole reported at Cornucopia’s Ivanhoe property

With a feasibility study almost complete, partners Galactic Resources (TSE) and Cornucopia Resources (TSE) are still pulling some interesting results from the Ivanhoe joint venture near Carlin, Nev.

Comprising 100,000 acres of land, Ivanhoe is located to the northeast of American Barrick Resources’ (TSE) Goldstrike mine where 15 million oz of gold reserves were recently announced.

Galactic is earning its interest by completing the feasibility study and financing the project to production.

While drilling on the Rowena Ashby portion of Ivanhoe’s Hollister deposit, Cornucopia reported an 85-ft intersection which assayed 0.044 oz gold per ton.

At a depth of 310 ft to 325 ft, the same drill hole (No 1V88385) included a 15 ft section which averaged 1.176 oz, the Vancouver company said.

According to Cornucopia Chairman Andrew Milligan, the hole was pulled from the northeast edge of the new Clementine zone. Although an initial reserve estimate hasn’t been calculated, Clementine is expected to become the third oxide pit to be outlined within the Rowena/Ashby area.

“The result means that a small high grade spot lies within the Hollister area and we are continually looking for its source,” Milligan told The Northern Miner.

The Hollister deposit is reported to contain an oxide reserve inventory of 52.8 million tons of grade 0.032 oz, but those figures are expected to be altered when the feasibility study is complete.